Forex Today: Bye bye easy money, hello carry trade? By ValBednarik EURUSD Gold CryptoCurrencies Inflation RiskAversion
The American dollar soared on the back of risk-aversion. Panic selling hit equities and cryptos the most, as speculative interest priced in massive quantitative tightening.officials keep paving the way towards a July rate hike, while Bank of Canada Deputy Governor Toni Gravelle suggested that the central bank would need to raise rates above neutral. Finally, Bank of England Governor Ramsden noted that inflation might not drop as fast as forecast, highlighting the need for more rate hikes.
Adding to the ruling concerns, tensions escalate between Russia and the western world. Russian Deputy Chairman Dmitry Medvedev warned that military assistance for Ukraine risks creating a conflict between Russia and NATO. Meanwhile, Ukraine has announced it would suspend Gazprom gas transit on its territory. European Commission President Ursula von der Leyen said Russia was the “most direct threat” to the international order..
Commodity-linked currencies edged lower against the greenback. AUD/USD is now at 0.6850, while USD/CAD trades in the 1.3040 price zone. Spot gold reached a fresh monthly low, now changing hands at around $1,824 a troy ounce, while crude oil prices kept recovering, with WTI trading at $106.85 a barrel.Wall Street managed to trim most of its intraday losses ahead of the close.
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